Mills’ daily steel output up 2.15% in China and stocks up 6.14%
The China Iron and Steel Association (CISA) has announced that in early June (June 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China – all CISA members – totaled 2.3353 million mt, up 2.15 percent compared to late May (May 21-31).
In late May, the average aggregate daily crude steel output of CISA members had totaled 2.2861 million mt, down 3.92 percent compared to mid-May (May 11-20).
Inventory levels in the Chinese steel market increased in the given period. As of June 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.2297 million mt, increasing by 823,700 mt or 6.14 percent compared to May 31.
As of June 11, the average rebar price in the Chinese market was standing at RMB 5,133/mt ($797.5/mt) ex-warehouse, down by RMB 77/mt ($12/mt) or 1.5 percent from May 31 due to the slack demand during the traditional offseason.